Countrywide unveils capital restructure after profits plunge

Shares in estate agent giant Countrywide have plunged after the group announced plans to raise fresh equity and issued a profit warning.

Countrywide’s shares fell by more than 25% this morning on the back of the announcement that it expected adjusted EBITDA to £20m lower in the first half of the year than the same period last year. The group added that it “does not expect this shortfall to be recovered in the second half”. It blamed a “subdued” market and “longer transaction cycles” for the drop.

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